Preliminary clearance rate remains strong, while auction volumes fall

The combined capital city preliminary clearance rate remains in the mid-high 70 per cent range for another week, while auction volumes decrease week-on-week. There were 2,646 properties taken to auction this week, down from 3,171 last week, when auction volumes reached their second highest level so far this year. Despite auction volumes shifting generally higher over the last few weeks, the weighted average clearance rate has remained relatively consistent, with preliminary results this week showing 78.1 per cent of the 2,121 reported auctions were successful, increasing from 74.5 per cent last week and also higher than the corresponding week last year when a 66.6 per cent clearance rate was recorded across a significantly lower volume of auctions coming out of the Easter period (1,582).

Across Melbourne, preliminary results show that 80.6 per cent of the 1,007 reported auctions sold this week. There were 1,139 properties taken to auction across the city, decreasing from 1,607 last week when the final clearance rate was recorded at 78.9 per cent, this is also higher than the same time last year, when a 69.2 per cent clearance rate was recorded across a much lower volume of auctions (584). The Inner region of Melbourne had the highest number of auctions this week (234), with a preliminary clearance rate of 79.7 per cent. However, the strongest rate of clearance was recorded across the North West region and West region, where 86.3 per cent and 86.2 per cent of auctions were successful.

In Sydney, the preliminary clearance rate of 80.7 per cent is up from 75.8 per cent last week, and also higher than the corresponding week last year, when a clearance rate of 69.8 per cent was recorded across a much lower 664 auctions. There were 1,098 auctions held this week, down from 1,098 last week. Of the Sydney sub-regions, Inner West region recorded the strongestclearance rate of 93.7 per cent across 76 auctions, while the North Sydney and Hornsby region had the highest volume of auctions (183).

The preliminary clearance rate in Brisbane this week rose to 56.8 per cent, from 42.0 per cent last week. Auction volumes were lower this week with 173 auctions held, down from 196 last week. Meanwhile, across the Gold Coast, 57.1 per cent of the 14 reported auctions were successful.

This week, Adelaide saw a preliminary clearance rate of 80.6 per cent, with 67 reported results across a total of 113 scheduled auctions. In comparison, over the previous week Adelaide’s clearance rate was 66.4 per cent and 71.2 per cent one year ago.

Perth’s clearance rate of 35.7 per cent across 43 auctions is up slightly from last week, when 33 auctions were held and a clearance rate of 35.3 per cent was recorded.  Over the same week last year, the clearance rate was a higher 46.9 per cent, and 40 auctions were held.

Canberra’s clearance rate was 76.3 per cent this week across 66 auctions, down from 77.4 per cent last week across 103 auctions.

There were 14 Tasmanian auctions held this week. 3 were reported as sold.

About Cameron Kusher

Cameron Kusher is Head of Research at CoreLogic, specialising in primary and secondary data analysis, property market commentary and consultancy. Cameron has a thorough understanding of the fundamentals such as demographics, trends, economics and spacial analysis and is a regular keynote speaker for property-related groups, regulated industry bodies, corporations and the government sectors. Follow Cameron on Twitter @cmkusher

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